Average US rate on 30-year mortgage falls to 3.80 percent; 15-year loan at 3.09 percent

Average U.S. long-term mortgage rates fell this week, with the benchmark 30-year loan rate reaching a new low for the year.

The rates' historically low levels could be a boon to potential homebuyers. Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage dropped to 3.80 percent this week from 3.93 percent last week. It is now at its lowest level since May 2013.

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At the beginning of the year, the 30-year rate stood at 4.53 percent.

The average for a 15-year mortgage, a popular choice for people who are refinancing, declined to 3.09 percent from 3.20 percent last week.

Mortgage rates often follow the yield on the 10-year Treasury note, which has fallen to its lowest levels since May 2013. It traded at 2.14 percent Wednesday.